Rosneft, Exxon Mobil to Explore Deepwater Area Off Krasnodar

By Geoffrey T. Smith

Exxon Mobil Inc. and Russian oil company OAO Rosneft have signed an agreement to explore for oil in the Black Sea, off the coast of the Russian region of Krasnodar, the two companies announced Thursday.

At a press conference on the sidelines of the World Economic Forum, Rosneft Igor Sechin said that the resource base of the block in question, in the Tuapse trough, was around 1 billion tons of oil equivalent, or around 7.3 billion barrels of oil equivalent.

The deal is Exxon’s biggest new venture in Russia since it agreed to the landmark deals to produce oil and gas off the coast of Sakhalin in Russia’s far east. It also represents the second major coup for Rosneft inside a month, following a share swap and exploration agreement with BP PLC.

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Davos Live provides updates from the World Economic Forum’s annual talkfest in Davos, Switzerland, which draws more than 2,500 business, political and academic leaders for a five-day program of workshops and panel discussions. A team of reporters and editors from The Wall Street Journal and Dow Jones Newswires is on the scene, and will be posting news, commentary and gossip as the conference unfolds.